Denver, CO - If you've ever tried to get a loan modification, then you know how tough it can be. Here is one reason why. The negotiations are all based off of how much the lender can squeeze out of you. The lenders feel like they are entitled to every penny they can get. They won't stop squeezing you until they get repaid every dime.
Let me tell you about a "successful" loan modification that recently happened to one of my affiliate business owners. Remember, right now we are experiencing about only 3% getting approved!!
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Many loan modification customers end up paying more than their home is worth. My acquaintance is no exception to this situation! He had a 1st loan of about $250,000, and a 2nd loan of about $70,000. When he first inquired about the loan modification program, since his property was now worth about $240,000, and he was going to have a difficult time making payments in the near future.
Sounds a lot like most homeowners out there, right? Of course, the first error made by the 1st lender was to tell him he had to be behind by 3 payments to work a loan modification! THIS IS NOT TRUE!! Needless to say, he allowed this to happen and impacted his credit!!
Now, just as a side note, LOAN MODS will impact your credit, anyway!! Why?? The bank is NOT receiving from you the original amount of the payments. So, they define you in default each time it is LESS than the original, and WILL REPORT that to the credit bureaus!! This will happen during the "trial period" the banks have you do in order to determine that you are a good candidate for the loan mod. Some times this trial period is for 3 months, and extended once or twice. His was extended 3 times.
By the time it was all said and done, and the lender on the 1st approved a loan mod, they did adjust his interest rate down to 2.5%!! The only added about $11,000 on the bank end of the loan amount to make up for the missed payments and shortage on the trial loan mod payments. This reduction due to the loan mod is saving him about 40% from the original loan payment! This loan modification effort was over a one year period!
The 2nd loan was kept current and was never an issue, so he still has that debt to pay on.
Yes, this is a successful loan modification performed to avoid a possible foreclosure!!
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
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http://denverloanmodhelp.com/?p=301
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Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dan Hopper's personal views and do not reflect the views of Remax Alliance.
This information on Stop Foreclosure: Loan Modifications Do Have Some Success!, is provided as a courtesy to our viewers to help them make informed decisions.
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